Volvo announced that it is moving away from its goal of making only electric vehicles by 2030 and is now aiming for 90% to 100% of its vehicles to be fully electric EVs plus hybrids.
Volvo on Wednesday announced that it is dropping its goal of making only electric vehicles by 2030, saying it now expects it will still be offering some hybrid models as part of its lineup at that point. The Swedish company, which has China's Geely as its largest shareholder, and other automakers have seen slowing demand for EVs as price-conscious car buyers turn to hybrids and gas-powered vehicles over affordability concerns as well as access to charging stations.
Despite those concerns among consumers in the near-term, Volvo remains bullish on EVs and hybrid electric options as the future of its lineup. "We are absolute in our belief that our future is electric," Volvo CEO Jim Rowan said in a statement. "An electric car provides a superior driving experience and increases possibilities for using advanced technologies that improve the overall customer experience.
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